oversupply of energy?

I have a question about the oversupply of energy. AS I am sure you are all aware there is a lot of talk of how much geothermal energy there is out there... for e.g. 1% harvest could power 26 000 times Australia in a year.. ( correct me if I am wrong on that) But with these kinds of figures, electricity/power should not be scarcity, hence the mark up should be very low, and the competition should be feirce. For example I have heard (pretty certain of it too) oil is not really as scarce as thay make it out to be, but they create a false scarcity to keep the price high. = $$$

anyway just thought it would be an interesting topic to discuss.